Mortgage markets were mostly unchanged last week, breaking a three-week winning streak. Wall Street grappled with surprising demand on Spain’s debt issuance and a series of weaker-than-expected data points on U.S. housing.
Conforming mortgage rates across California rose slightly according to the weekly Freddie Mac Primary Mortgage Market Survey. Continue reading
In a week of up-and-down trading, mortgage markets improved for the second consecutive week last week. Weaker-than-expected jobs data plus evidence of a slumping Eurozone took mortgage bonds lower, capped by a furious Friday morning rally that dropped mortgage rates to near-record levels.
Once again, volatility ruled the bond pits. Continue reading
Tuesday, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent.
For the fourth consecutive month, the Fed Funds Rate vote was nearly unanimous. Just one FOMC member dissented in the 9-1 vote.
The Fed Funds Rate has been near zero percent since December 2008. It is expected to remain near-zero through 2014, at least. Continue reading
By now, I am sure you have all heard about the President’s latest directive this week to help troubled homeowners refinance their mortgages, even if their loans are far higher than the value of their homes.
The bigger question should be – Will the big banks adopt the presidents plan? Polls show a majority of Americans are in favor of his plan but we know that means nothing unless the banks and congress make it so. Continue reading